What is a right of first refusal?

A right of first refusal is a legal agreement that gives the holder of the right the first opportunity to buy a particular piece of property before it is offered to anyone else. This agreement is found in real estate law in California and can be used by a landlord or a tenant. When a landlord has a right of first refusal, it means that they have the right to purchase the property before it is offered to anyone else. This can be beneficial to the landlord, as they will have the chance to purchase the property at a price they believe is fair. They may also have the chance to keep their renters in the same property. When a tenant has a right of first refusal, it gives them the chance to buy the property when the landlord decides to sell. The tenant may be able to purchase the property before it is put on the market, thus allowing them to keep their home or business. In either case, the right of first refusal gives the legal holder the first chance to purchase the property before it is offered to anyone else. This can be beneficial to both the landlord and the tenant in terms of secure tenancy and the ability to purchase the property at a fair price.

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What is a right of first refusal?

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